The Insurance Act 2015 (SearchBite) - Searchlight Insurance Training

The Insurance Act 2015 (SearchBite)

On 12 February 2015, the Insurance Act 2015 became law, it will make important amendments to the Marine Insurance Act 1906. It contains provisions which significantly change insurance contract law, and which will affect the way business is underwritten and broked.

The new Act seeks to protect both insurers and their clients by amending and clarifying commercial insurance law in key areas including the duty of disclosure, misrepresentations, warranties; and the insurer’s remedies for fraudulent claims.

Level:

Duration: 0.2 day(s) CII CPD Hours: 2
     
Key programme elements

  • Review the main provisions of the Insurance Act:
    • Duty of fair presentation
    • Disclosure – knowledge of insurer and insured
    • Remedies for breach of duty of fair presentation
    • Warranties and abolition of basis of contact clauses
    • Contracting out
    • Fraudulent claims
  • Practical implications of the Insurance Act for
    • Brokers
    • Insurers
    • Clients

The session is designed to be interactive and discussions will encouraged

By the end of this SearchBite, participants will be able to 

  • Understand the main provisions of the Insurance Act 2015 and its potential effect on their area of insurance
  • Be able to discuss the implications of the Act with their clients
  • Start to build a plan for what they need to do next in response to the Insurance Act 2015